New Zealand banks still prone to offshore wholesale funding risks

Two of the main credit rating agencies have maintained New Zealand issuers' default ratings and market outlook as stable or positive, but cautioned that the dependence of the country's banks on wholesale offshore funding is a significant source of risk.

Fitch Ratings affirmed the local and foreign currency long-term and short-term issuer default ratings of the Bank of New Zealand (BNZ), ASB Bank, Westpac New Zealand and ANZ National Bank as "stable and positive". It says the ratings follow the

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